Date issued: 1 Dec 2009
HOUSE PRICES EDGE UP FURTHER IN NOVEMBER
- House prices rose by 0.5% in November, the same rate as in October
- Year-on-year house price inflation increased from 2.0% to 2.7%
- Labour market has so far held up better than expected
| Headlines |
November 2009 |
October 2009 |
| Monthly index * Q1 '93 = 100 |
324.0 |
322.3 |
| Monthly change* |
0.5% |
0.5% |
| Annual change |
2.7% |
2.0% |
| Average price |
£162,784 |
£162,038 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
"The monthly rate of house price inflation was unchanged in November at a seasonally adjusted 0.5%, leaving the average price of a typical property 2.7% higher than a year earlier. At £162,764, the average house price is at a similar level to where it was in early 2006. The 3 month on 3 month rate of change – generally a smoother indicator of the near term trend – dropped to 2.8% from 3.5% in October and 3.8% in September. This suggests that house prices are now rising at a more moderate pace than in the spring and summer months, when they experienced a very strong bounce from the early 2009 lows."
For further information please see our November 2009 report (PDF 49KB).
